Aerometrex posts record first half with revenue up 12% and EBITDA surging 238%
Aerometrex (ASX: AMX) has delivered record first half revenue of $12.93 million, up 12.3% on the prior corresponding period, alongside record EBITDA of $3.55 million, representing a 237.7% increase. The geospatial technology company’s 1H26 EBITDA result already exceeds the entire FY25 full-year performance, marking what management describes as a clear inflection point toward sustainable profitability.
The company maintained a cash balance of $3.67 million at 31 December 2025, the third consecutive quarter with stable cash flow. Operating cash flow surged 535% to $4.11 million from $0.65 million in the prior corresponding period, whilst free cash flow improved 241% to $1.92 million. Operating loss before tax narrowed 53% to $2.31 million.
| Metric | 1H26 | PCP | Change |
|---|---|---|---|
| Revenue | $12.93m | $11.52m | +12.3% |
| EBITDA | $3.55m | $1.05m | +237.7% |
| Cash Flow from Operations | $4.11m | $0.65m | +535% |
| Free Cash Flow | $1.92m | $0.56m | +241% |
| Cash Balance | $3.67m | N/A | N/A |
The strengthening financial performance followed sustained focus on new customer acquisition, particularly across the MetroMap subscription platform, combined with cost discipline implemented as part of a strategic review. Triple-digit EBITDA growth alongside a 535% improvement in operating cash flow signals a business transitioning from investment phase to profitability.
MetroMap subscription platform driving growth with ACV reaching $12.29m
MetroMap achieved record Annual Contract Value of $12.29 million, representing first half growth of 35% on an annualised basis and 32% since December 2024. Statutory subscription revenue reached $5.71 million for the half.
The platform reached a milestone in December 2025, achieving over $1 million in statutory subscription revenue in a single calendar month. Product competitiveness strengthened during the period with the successful rollout of three new features:
- Oblique imagery capability
- Elevation data integration
- Contour lines functionality
Coverage expansion continued with capture areas increasing approximately 15% during 2025. MetroMap now covers approximately 94% of Australia’s population. The company added around 8,000 square kilometres across 56 new and extended areas, including:
- Sydney Metro frequency increased to up to 6 times per year
- Hunter Valley region added to support the Resources sector
- Total population coverage maintained at approximately 94%
Management stated these coverage increases were achieved within the same fixed cost structure through improvements in aviation efficiency. Enhancements to the production process also saw publishing times significantly reduced. The CEO noted that MetroMap ACV is now past breakeven, meaning subscription revenue covers platform costs, whilst the fixed cost structure remained stable despite the 15% coverage expansion, demonstrating operational leverage.
What is Annual Contract Value and why it matters for SaaS businesses
Annual Contract Value represents the total value of customer contracts normalised to a 12-month period. For subscription-based businesses like Aerometrex’s MetroMap platform, ACV provides a forward-looking measure of committed recurring revenue, distinct from statutory revenue which recognises income as services are delivered.
Aerometrex’s ACV of $12.29 million represents locked-in recurring revenue that will flow through financial statements in future periods as the company delivers its geospatial services. When ACV grows faster than statutory revenue (as demonstrated by 35% annualised ACV growth versus 12.3% statutory revenue growth), it indicates accelerating momentum that will appear in future results.
Investors monitor ACV growth rates as leading indicators of future financial performance. Subscription models with high ACV growth provide revenue visibility and reduce earnings volatility, allowing companies to forecast cash flows with greater confidence. For Aerometrex, the fact that ACV has now surpassed breakeven suggests the platform generates sufficient recurring revenue to cover its operating costs, a critical milestone for subscription businesses.
LiDAR project revenue rebounds 23% as utilisation improves
LiDAR revenue recovered strongly from a slower FY25 period to deliver $6.44 million, up 22.6% from $5.24 million in the prior corresponding period. The improvement resulted from enhanced sales activity and increased utilisation of the company’s owned aircraft fleet.
Management attributed the performance to a deliberate focus on maximising aircraft deployment efficiency. Improved utilisation of company-owned aircraft generates higher margins on project work compared to contracted services. The LiDAR division provides a complementary revenue stream alongside MetroMap’s subscription model, offering project-based income that helps stabilise overall revenue.
CEO outlook signals confidence in sustainable profitability
Rob Veitch, Chief Executive Officer
“As we reported in our preliminary results, this is a really strong result for the business across all our key financial metrics. We delivered record first-half revenue and EBITDA, saw excellent growth in MetroMap ACV, and, importantly, have now maintained a stable cash balance for three consecutive quarters. It was pleasing to see MetroMap reach another important milestone in December, achieving over $1 million in statutory subscription revenue in a single calendar month. With EBITDA continuing to grow and MetroMap ACV now past breakeven, we’re seeing a clear inflection toward sustainable profitability. We are very optimistic about the coming year.”
The strategic review and cost discipline implemented during the prior year drove the improved financial performance. Management indicated that building the sales pipeline and maintaining cost control remain firm priorities for 2026.
What’s next for Aerometrex
The company’s forward strategy centres on maintaining momentum across both subscription and project revenue streams. Key priorities include:
- Continued customer acquisition across the MetroMap platform
- Sales pipeline development to sustain ACV growth trajectory
- Ongoing cost discipline whilst supporting platform expansion
Management’s emphasis on both growth and profitability, rather than growth at any cost, positions the business to build on the inflection point reached during 1H26. The combination of record ACV, improved cash generation, and breakeven subscription economics provides a foundation for the optimistic outlook stated for the coming year.
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